Overdraft Privilege is a discretionary service we provide to our members to protect you in the event that you accidentally overdraw your checking account. This service pays checks, ATM transactions*, debit card transactions*, and ACH charges on your behalf in situations where you may have insufficient funds. This service is applied only after your other overdraft protection options, if any, have been applied.
Overdraft Privilege features:
- $25 fee per item only when used
- Courtesy limit of up to $1,000 on your qualifying checking account
- 4 different levels of coverage
- All check transactions are covered automatically
- Debit and ATM transactions are covered only when you opt-in*
- Skip the embarrassment of bouncing a check and/or the fee from both institutions
- Knowing you have funds for an emergency
- Have the flexibility you need to access money in unforeseen circumstances
- Avoid the hassle and expense of having to make alternate payment arrangements
What are the standard Overdraft Privilege coverages that come with an ILWU Credit Union Checking Account?
Overdraft Privilege is available to qualified members with a checking account in good standing and positive activity.
We do authorize and pay overdrafts for the following types of transactions:
- ACH, Checks and other transactions made using your checking account number
- Automatic bill payments
We do not authorize and pay overdrafts via Overdraft Privilege for the following types of transactions unless you opt in (see opt-in information below):
- ATM transactions
- Everyday debit card transactions
We pay overdrafts at our discretion, which means we do not guarantee that we will always authorize and pay any type of transaction. If we do not authorize and pay an overdraft, your transaction will be declined.
How much does Overdraft Privilege cost?
There is no fee to opt-in and become eligible for this service, nor is there a fee unless you actually overdraw your account and we choose to honor the transaction. Please see our Schedule of Fees and Charges for the Overdraft Privilege fee.
How to Opt-In for Overdraft Privilege on ATM and everyday debit card transactions
You can opt in for this additional coverage at any time. We offer several convenient ways for you to opt in:
- Opt-In now using our secured online form.
- Call us at 866-4-ILWUCU or 866.445.9828.
- Complete the Opt-In Form and drop it off at any ILWU Credit Union branch or mail to:
ILWU Credit Union, PO BOX 445, Wilmington, CA 90748.
To learn more read the Overdraft Privilege Disclosure.
For further questions or to opt-in for debit and ATM card coverage please contact Member Services at 866.445.9828 or visit one of our branches.
*Overdraft Privilege is a courtesy and is not an extension of credit. Overdraft Privilege is not available for ATM withdrawals or PIN-generated debit transactions unless member has opted-in. ILWU Credit Union pays overdrafts at our discretion, which means we do not guarantee that we will always authorize and pay any type of transaction.